Business Law Challenge Quiz Flashcards Preview

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Flashcards in Business Law Challenge Quiz Deck (16):

When a mortgage is assumed, the buyer...

Becomes personally liable on the debt


When a mortgage is assumed the buyer, the seller...

Remains liable on debt


When a mortgage is assumed by buyer, the seller remains liable on the debt unless he is...

Released by the mortgage holder


In assumption of a mortgage the buyer becomes...

2) the seller has...

The principal debtor

2) rights and responsibilities of surety


When a buyer assumes a debt and he seller is not released by the mortgage holder, and the buyer defaults, the mortgagor may sue...

The buyer or the seller


Automatic perfection applies to purchase money security interests in...

Consumer goods


If collateral is consumer goods, the secured creditor who took possession of the collateral may sell the collateral at a private sale...

Without notice of other secured parties


A secured creditor who sells collateral in private sale must notify before sale...

2) unless collateral is...

The debtor

2) perishable or threatens to decline in value


The debtor may regain possession of property of an interim trustee if the debtor...

Files bond requested by the court


Unauthorized completion of an incomplete instrument and lack of delivery are...

Personal defenses


A holder in due course, takes an instrument free of...

Personal defenses


When a check is completed through the negligence of the drawer, the defense created on the instrument is the...

Personal defense of unauthorized completion


When a party sends an incomplete check to a seller, they are...

Negligent and it is a personal defense


Under a shipment contract covered by the Sales Article of the UCC, title and risk of loss for conforming goods pass to buyer when...

Seller delivers goods to carrier


Negligence of the manufacturer is not important in determining whether...

Manufacturer is strictly liable in tort for defective product


In addition to meeting registration requirements, any companies issuing common stock must...2

1 make filings in states with laws governing those offerings

2 obtain state approval

Decks in Yaeger REG Class (77):